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Flashcards on Indira Gandhi's Nationalization Policies
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What is nationalization?
The transfer of a major branch of industry or commerce from private to state ownership or control.
Which sector did Indira Gandhi first target for nationalization?
Banks
In which year did the major wave of nationalization start under Indira Gandhi?
1969
How many banks were nationalized in 1969?
14 major commercial banks
What was the primary reason for bank nationalization?
To ensure adequate credit flow to agriculture, small industry and export sectors.
Which industry was targeted for nationalization in 1971?
General insurance companies
What was the reason behind the nationalization of coal mines in 1973?
To address the energy crisis and ensure the supply of coal.
How did nationalization policy affect India's private sector?
It limited the expansion of the private sector and increased government control.
What did Indira Gandhi believe nationalization would do for the Indian economy?
Help in eradicating poverty and redistributing wealth.
Which Prime Minister pushed for nationalization reforms in the ’70s in India?
Indira Gandhi
What impact did bank nationalization have on rural banking?
It increased banking accessibility for the rural population.
Which year witnessed further bank nationalizations, adding six more to the earlier count?
1980
What is the Garibi Hatao (Eradicate Poverty) campaign?
A campaign slogan and policy approach launched by Indira Gandhi aimed at poverty reduction.
Which sectors did Indira Gandhi's nationalization policies majorly impact?
Banks, insurance, coal, and other sectors.
What was a political rationale for Indira Gandhi's nationalization policies?
Gaining support from the left-wing and consolidating power.
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Test Your Knowledge
What was the primary goal of nationalizing banks in India under Indira Gandhi?
Privatize the banking sector
Attract foreign investments
Ensure credit flow to specific sectors
Encourage private ownership
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In what year did Indira Gandhi's government first nationalize banks?
1969
1971
1973
1980
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Which industry was nationalized in 1971?
Textiles
General insurance
Pharmaceuticals
Automobiles
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The nationalization of what resource in 1973 aimed to tackle the energy crisis?
Oil fields
Uranium mines
Hydroelectric plants
Coal mines
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What was a significant effect of the bank nationalizations in India?
Decrease in government intervention
Rapid export growth
Increased rural banking services
Decrease in government revenue
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Who launched the 'Garibi Hatao' campaign?
Indira Gandhi
Jawaharlal Nehru
Rajiv Gandhi
Narendra Modi
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What was the effect of nationalizing the general insurance companies?
Led to a decrease in premiums
Increased international competition
Expanded state control over insurance
Privatization of healthcare
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How many additional banks were nationalized in 1980?
6
10
4
8
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What did Indira Gandhi hope to achieve through nationalization?
Promote foreign trade
Redistribute wealth and eradicate poverty
Encourage private sector monopolies
Globalize Indian industries
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What was the political benefit of nationalization for Indira Gandhi?
Consolidating power and appealing to the left-wing
Gaining support from capitalist nations
Promoting democratic reforms
Strengthening regional governments
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